Primerica, Inc.

Listed Company

PRICIK 0001475922NYSELarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.29B

Net Income

$751.23M

Total Assets

$15.01B

Equity

$2.45B

Shares Out

31.66M

Op. Cash Flow

$901.18M

Business

Primerica, Inc. provides financial products and services to middle‑income households in the United States, its territories, and Canada through an independent licensed sales force. It offers term life insurance underwritten by its insurance subsidiaries and distributes mutual funds, annuities, managed investments, segregated funds, mortgage products, prepaid legal services and other third‑party financial products. The company operates through three segments — Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products — supported by principal U.S. and Canadian subsidiaries. Distribution relies on a large network of independent life‑insurance‑licensed representatives and Regional Vice Presidents who sell, recruit and service clients via face‑to‑face meetings, remote communication tools and digital platforms.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Direct premiums	3,463	3,394	3,312	3,230	3,122
Ceded premiums	−1,679	−1,664	−1,652	−1,630	−1,616
Net premiums	1,784	1,729	1,660	1,600	1,506
Commissions and fees	1,276	1,083	893	897	1,043
Investment income net of investment expenses	225	218	201	157	143
Interest expense on surplus note	−58	−63	−65	−64	−62
Net investment income	167	156	136	93	81
Realized investment gains (losses)	−2	1	−645,000	1	5
Other investment gains (losses)	1	1	−5	−2	1
Investment gains (losses)	−816,000	2	−6	−995,000	6
Other, net	66	119	65	68	75
Total revenues	3,292	3,089	2,749	2,657	2,710
Benefits and claims	666	648	643	632	602
Future policy benefits remeasurement (gain) loss	−37	−26	−384,000	2	1
Amortization of deferred policy acquisition costs	323	298	276	262	238
Sales commissions	687	573	457	463	522
Insurance expenses	263	256	235	235	203
Insurance commissions	23	32	34	30	35
Interest expense	24	25	27	27	—
Other operating expenses	368	344	305	287	297
Total benefits and expenses	2,317	2,150	1,977	1,939	2,066
Income from continuing operations before income taxes	975	939	772	719	644
Income taxes from continuing operations	223	219	181	164	168
Income from continuing operations	751	720	591	555	—
Loss from discontinued operations	0	−250	−15	−88	—
Net income	751	471	577	467	476
Continuing operations	22.95	21.02	16.37	14.53	—
Discontinued operations	0	−7.29	−0.4	−2.16	—
Basic earnings per share attributable to common stockholders	22.95	13.73	15.97	12.37	12.03
Continuing operations	22.91	20.99	16.34	14.49	—
Discontinued operations	0	−7.28	−0.4	−2.16	—
Diluted earnings per share attributable to common stockholders	22.91	13.71	15.94	12.33	11.99
Basic	33	34	36	38	40
Diluted	33	34	36	38	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $167,384 in 2025 and $142,939 in 2024)	3,265	2,946	2,719	2,495	2,703
Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,153,047 in 2025 and $1,227,428 in 2024)	1,175	1,304	1,387	1,445	1,379
Equity securities, at fair value (historical cost: $20,501 in 2025 and $22,935 in 2024)	26	27	30	35	43
Trading securities, at fair value (cost: $13,084 in 2025 and $3,562 in 2024)	13	3	18	4	24
Policy loans and other invested assets	56	51	51	49	31
Total investments	4,536	4,331	4,206	4,098	4,264
Cash and cash equivalents	756	688	594	489	393
Accrued investment income	30	28	24	21	19
Reinsurance recoverables	2,565	2,744	3,016	3,210	4,268
Deferred policy acquisition costs, net	3,916	3,680	3,447	3,189	2,944
Agent balances, due premiums and other receivables	275	283	269	254	258
Intangible asset	45	45	45	186	196
Income tax receivable	45	0	3	—	—
Deferred income taxes	132	123	117	94	82
Operating lease right-of-use assets	42	47	52	41	48
Other assets	388	404	440	428	441
Separate account assets	2,282	2,209	2,396	2,306	2,800
Total assets	15,012	14,582	15,028	14,641	16,196
Future policy benefits	6,818	6,503	6,742	6,298	7,139
Unearned and advance premiums	16	16	15	15	16
Policy claims and other benefits payable	495	488	514	538	585
Other policyholders funds	356	402	435	484	502
Notes payable	595	595	594	593	15
Surplus note	1,175	1,304	1,387	1,444	1,379
Income tax payable	120	58	23	37	15
Deferred income taxes	28	58	54	167	226
Operating lease liabilities	50	55	59	46	54
Other liabilities	547	549	579	581	616
Payable under securities lending	85	86	100	101	95
Separate account liabilities	2,282	2,209	2,396	2,306	2,800
Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)	—	—	—	—	—
Total liabilities	12,566	12,323	12,962	12,610	14,033
Common stock ($0.01 par value; authorized 500,000 shares in 2025 and 2024; issued and outstanding 31,810 shares in 2025 and 33,368 shares in 2024)	318,000	334,000	350,000	368,000	394,000
Retained earnings	2,416	2,231	2,277	2,154	2,005
Effect of change in discount rate assumptions on the liability for future policy benefits	135	225	−39	130	—
Unrealized foreign currency translation gains (losses)	−16	−35	−2	−12	9
Net unrealized investment gains (losses) on available-for-sale securities	−89	−163	−170	−241	64
Total stockholders' equity	2,446	2,259	2,066	2,031	925
Total liabilities and stockholders' equity	15,012	14,582	15,028	14,641	16,123

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Change in future policy benefits and other policy liabilities	95	144	103	−36	−418
Deferral of policy acquisition costs	−535	−548	−515	−503	−552
Deferred tax provision	−30	−111	−43	−53	—
Change in income taxes	17	47	−9	26	2
Accretion and amortization of investments	−3	−3	−2	3	5
Depreciation and amortization	19	23	32	34	30
Change in reinsurance recoverables	232	191	237	462	769
Change in agent balances, due premiums and other receivables	7	−12	−19	−475,000	6
Change in renewal commissions receivable	4	23	10	20	−23
Trading securities sold, matured, or called (acquired), net	−10	15	−15	20	−9
Share-based compensation	25	25	19	22	17
Impairment of goodwill and other long-lived assets	0	254	0	60	—
Gain on insurance proceeds received from acquisition representation and warranty policy	0	−50	0	—	—
Loss on disposal of discontinued operations, excluding income tax benefit	0	96	0	—	—
Change in other operating assets and liabilities, net	4	2	36	−28	34
Net cash provided by (used in) operating activities	901	862	693	758	657
Fixed-maturity securities sold	25	7	19	24	132
Fixed-maturity securities matured or called	454	421	263	360	454
Short-term investments sold	0	0	29	28	50
Short-term investments matured or called	0	268,000	62	85	40
Equity securities - sold	26,000	0	3	16,000	718,000
Equity securities - matured or called	2	4	0	3	718,000
Fixed-maturity securities	−690	−664	−412	−580	−902
Short-term investments	0	0	−20	−97	−176
Equity securities acquired	−228,000	−211,000	−430,000	−187,000	−3
Purchases of property and equipment and other investing activities, net	−26	−29	−34	−26	−25
Cash collateral received (returned) on loaned securities, net	−1	−14	−1	6	22
Sales (purchases) of short-term investments using securities lending collateral, net	1	14	1	−6	−22
Insurance proceeds received from acquisition representation and warranty policy	0	50	0	—	—
Disposal of cash in discontinued operations	0	−21	0	—	—
Net cash provided by (used in) investing activities	−236	−232	−90	−200	−923
Dividends paid	−136	−113	−94	−84	−75
Common stock repurchased	−450	−425	−375	−356	−19
Excise tax paid on common stock repurchased	−4	−3	0	—	—
Tax withholdings on share-based compensation	−9	−10	−11	−5	−7
Finance leases	−262,000	−256,000	−265,000	−262,000	−264,000
Net cash provided by (used in) financing activities	−600	−551	−480	−458	108
Effect of foreign exchange rate changes on cash	2	−4	1	−3	3
Change in cash and cash equivalents	68	75	124	97	−155
Interest paid	23	24	27	27	34

Filings

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